The Death of Dollar Dominance: Asian Banks Embrace Iran's Swift Alternative

Welcome to another riveting episode of The Joe Ligato Show, hosted by Dr. Joe Ligato. Today, we delve into a game-changing shift in global finance as Asian central banks prepare to adopt Iran's Swift alternative. Dollarization is accelerating, and the world is taking notice. Watch as we uncover why countries worldwide are distancing themselves from Western systems and the US dollar.

In the latest move against US dollar dominance, the Asian Clearing Union (ACU), comprising nine nations, has opted to embrace Iran's Financial Messaging System (cpam) as an alternative to the dollar-denominated Swift system. The message is clear: countries are no longer willing to rely on a system controlled by the United States, given its unilateral actions and unpredictable behavior on the international stage.

This shift isn't just about international mechanisms; it's about the future of global trade. If countries move away from systems tied to the US dollar, it's only a matter of time before they reconsider the dollar's role in their own economies. Holders of the US dollar should be wary of potential devaluation as international demand wanes.

At a recent Tron Summit, ACU members pledged to establish their own Swift alternative. Iran's sepam is the interim solution, and the ACU plans to develop its own messaging system in the coming months, highlighting a fascinating trend toward decentralization in international trade.

The ACU, established in 1974, comprises the central banks of India, Pakistan, Iran, Bangladesh, Myanmar, Maldives, Nepal, Sri Lanka, and Bhutan. Even countries like Belarus and Russia have applied for ACU membership, demonstrating the wide appeal of alternative systems.

Russia and Iran have already established connections between their respective systems, with 80% of their mutual settlements conducted in their national currencies, the rial and ruble. This collaboration is a testament to the power of parallel systems.

The trend toward de-dollarization is a direct response to the US government's frequent use of economic warfare through sanctions. Nations are reluctant to risk becoming the next target of US sanctions, creating a strong incentive to explore alternatives.

The ACU's move is just one example of a global shift away from the dollar. Initiatives in China, India, Brazil, and many other countries are reshaping international finance. Even the BRICS coalition (Brazil, Russia, India, China, and South Africa) is expanding, with countries like Ethiopia, Argentina, and Saudi Arabia joining the ranks.

This transition marks a seismic shift in the world order. Escobar aptly sums it up: "The world is changing, transitioning from clinging to a toxic cocktail of neoliberalism, sanction dementia, and widespread threats." Dollarization is a response to this system collapse, a move toward a multi-polar world where countries decide their destiny, not dominated by a single nation.

As we navigate these changes, don't forget to like this video, subscribe to our channel, and share your thoughts in the comments. For more in-depth discussions on geopolitics and global finance, follow me on Rumble, where our content is also available. Stay tuned for more eye-opening insights into our ever-evolving world.

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